In 2018, just hiring quality employees doesn’t cut it. Once companies have developed a successful plan for how to recruit top talent, they must also be willing to pursue innovative employee retention strategies to retain that talent and to keep those quality employees on the payroll long term.
Retaining top talent is now half the battle for HR departments. Not only is it beneficial for companies to hang on to their most skilled workers, the cost of replacing an employee can be a huge burden on time and resources.
Millennials, who will comprise 75 percent of the workforce by 2025, are moving jobs more frequently compared to any other generation in history, with 38% saying they would leave their jobs within two years if given the choice. HR departments must plan for this turnover and adopt strategies to incentivize workers to stay with the company.
In this post, we’ll review five employee retention strategies organizations can use to keep their best players.
- Mentorship programs - According to a recent survey, 23% of Millennials in a new position want leaders that seem invested in their success. One of the best ways for leaders to show growth investment is to mentor younger employees to ensure their success within the organization and industry as a whole.
- Ongoing educational programs - For many employees, upward mobility is the key to getting them to stay. By providing them with continuous education and training, it sets them up for opportunities for advancement. When employees have clear opportunities to move up within the company, they are less likely to leave for another organization.
- Robust benefits - It used to be that sufficient pay was all that was needed to keep your top employees onboard. But today, workers place a higher value on non-monetary benefits, such as unlimited vacation time, longer maternity leave, paternity leave, and gym memberships.
- Recognition of stellar behavior - Not all employee retention strategies have to be a large expense for the employer. Simply recognizing your employees for their efforts can be a huge factor in whether they stay - and it doesn’t have to cost you a thing. Everyone likes to feel appreciated and shining a light on your top talent can pay off in the long run, creating less turnover for your organization.
- Work-life balance - An increasing number of employees (67%) wish to start and finish work at times they choose (within reason). And 64% of Millennials surveyed expressed the desire to work from locations other than their employer’s primary site. Technology is rapidly facilitating mobile working, and many employers are becoming increasingly comfortable managing the remote workplace. Studies show that those in organizations that offer a high degree of flexibility reward their employers with higher levels of loyalty.
Related: Employee Engagement Strategies That Really Work
With technology changing how people communicate and collaborate professionally, it's important for companies to adapt to the times and reevaluate their employee retention practices on an annual basis. Otherwise, competitors will begin to recruit top talent and the organizations that don’t make a change will quickly be left behind.
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Sources:
https://www.forbes.com/sites/workday/2016/05/05/workforce-2020-what-you-need-to-know-now/#16c3d4f72d63
https://www.cnbc.com/2017/04/21/the-no-1-millennial-need-from-a-new-job-and-new-boss.html
https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennial-survey-freelance-flexibility.html#automation
